Generalfinance S.p.a. · MIL:GF
Generalfinance — H1 2026 Earnings Presentation
36 slides from Generalfinance's earnings presentation, Jul 29, 2026
Slide 1: Mission to Grow – 6M26 Results
Mission to Grow 6M26 Results generalfinance.it 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Generalfinance and contains certain information of a forward-looking nature, projections, targets, and estimates that reflect Generalfinance management's current views related to future events. Forward-looking information not represent historical fac
Slide 3: Agenda
Agenda Main results 6M 2026 Focus on Asset Quality and Digital Factoring 6M 2026 Results: Balance Sheet, P&L, Funding and Capital Annexes generalfinance.it 3
Slide 4: Main results 6M 2026
Main results 6M 2026 generalfinance.it 4
Slide 5: Strong and long-term oriented shareholder base
Strong and long-term oriented shareholder base Shareholding structure – updates on voting rights Further strengthening of MGH’s role in GGH’s governance: +0.94% MGH – Massimo Gianolli Gianolli Holding SMT Holding S.r.l. S.r.l. Riccardo** 84.10% 10.68% 5.22% GGH - Gruppo Investment Club First4Progres
Slide 6: Turnover witnessing a strong growth story…
Turnover witnessing a strong growth story… Growth in Turnover Volume (€Bn) CAGR ’22 -’25 VAR. YOY ’25 -’26 +24% +9% 3.9 3.0 2.6 2.0 2.0 1.8 2022 2023 2024 2025 6M25 6M26 Turnover growth above the market average Note: Turnover includes Future receivables generalfinance.it 6
Slide 7: …Associated with high diversification at portfolio level
…Associated with high diversification at portfolio level HIGHER NUMBER OF DEBTORS PER SELLER Generalfinance reports an average 6 of 55 debtors per seller, significantly above the industry average of 6. This highlights a more granular and diversified operating model, allowing 55 for better risk diver
Slide 8: Adjusted Net Income 6M2026 and Clawback Risk
Net Income Adjusted 6M2026 (€Mln) Excluding the €1.7 Mln in risk provisions Clawback Risk 28.9 (1.7) Industries Sportswear Company S.r.l Stated 15.5 Generalfinance S.p.A. announced in (13.4) 9.6 May that the Court of Appeal of Venice – (5.9) in the context of the second-instance proceedings relating
Slide 9: Clawback Risk, very low compare to turnover level
Clawback Risk, very low compare to turnover level Number of Legal Proceedings (clawback) from 2007 to 6M2026 7 1 3 1 2 Total Won Settled Lost Ongoing Cumulative Turnover from 2007 to 6M2026 €bn Lost €Mln 0.15 Cumulative ~19.5 Turnover 18.8 €bn Settled €Mln 3.88 Total Losses €Mln 4.03 ~0.7 Cumulative
Slide 10: Net Income: high profitability from the operations
Net Income: high profitability from the operations Trend in net income adjusted (€Mln) CAGR ‘22-’25 VAR. YOY ‘25-’26 +38% -13% 28.8 21.1 12.3 15.1 10.7 10.9 2022 2023 2024 2025 6M25 6M26 Net income adjusted down 13% compared with the exceptionally high profitability recorded in the first half of 202
Slide 11: Focus on Asset Quality and Digital Factoring
Focus on Asset Quality and Digital Factoring generalfinance.it 11
Slide 12: A low risk model with best in class asset quality
A low risk model with best in class asset quality COST OF RISK (%) Gross NPE Ratio Benchmarking Generalfinance has lower non- performing exposure compared to 0.20% the market 0.14% 0.16% thanks to its unique and effective business model enabling a high quality of debtors and constant mitigation of c
Slide 13: High protection of risk due to conservative credit stance
High protection of risk due to conservative credit stance Breakdown of Financial Assets (€Mln, 6M2026) 684 100 199 197 188 Financial Credit Outstanding Personal Financial Assets Assets & SACE not Guarantees net of Insurance advanced guarantees The Net Financial Assets borne by Generalfinance on tota
Slide 14: Collection performance: a strategic delivery to our Customers
Collection performance: a strategic delivery to our Customers Payment Conditions (DSO) Payment Delays (days) Only 26% of Generalfinance’s portfolio has payment 69% of Generalfinance’s portfolio has no payment conditions exceeding 120 days (vs 52% of the market) delays (vs 27% of the market) 1% 2% 4%
Slide 15: DSO trend showing a very low duration business
DSO trend showing a very low duration business Days Sales Outstanding (DSO) -8 Days GAP VS MARKET AVG -2 Days 81 85 82 83 82 83 80 81 78 81 81 79 77 79 78 76 72 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Source: Assifact monthly and quarterly statistics; excluding public sector generalfin
Slide 16: A unique business model, leveraging factoring features
A unique business model, leveraging factoring features The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (“Special situation”) while the Debtors underlying customer loans refer to a high credit rating (normal
Slide 17: A strategic asset: our proprietary digital platform
A strategic asset: our proprietary digital platform # Automatic Disbursement Total transactions 19,632 # 782,314 #Automatic # Automatic Disposal settlement # Invoices 507,830 Seller (406, +32 QoQ) 17,691 11,704 # Installments 558,966 # Automated notifications # 174,321 («PEC» 88%, «Raccomandata» 12%
Slide 18: An organization oriented to risk control and business
An organization oriented to risk control and business Board of Directors Internal Audit Chief Executive Officer (CEO) Strategic Support #99 HR Department (CHRO) and Staff Coor Dep. Employees Corporate Legal and Services Corporate Affairs Department Department Chief Financial Risk Management Officer
Slide 19: Business scaled up with enhanced diversification
Business scaled up with enhanced diversification Debtor’s Trend 2024 – 6M26 Seller’s Trend 2024 – 6M26 22,152 406 362 21,446 293 20,532 2024 2025 6M26 2024 2025 6M26 6M2026: data relating to the LTM 6M2026: data relating to the LTM Top 10 Sellers % KPI of the Spanish Branch on total exposure – 6M26
Slide 20: Business oriented to SMEs and Mid Corporate…
Business oriented to SMEs and Mid Corporate… SELLERS’ DIVERSIFICATION BY DIMENSION 20% 15% Small size (<10M€) 41% Medium size (10-50M€) 6% 12% 54% Corporate (50-200M€) 6% Large Corporate (250M€+) 6% Not classified 27% 13% 74% up to 250M 33% up to 250M FACTORING BY NOTIFICATION STATUS 74% 26% Notific
Slide 21: …through recourse facilities and export factoring…
…through recourse facilities and export factoring… NATIONAL VS INTERNATIONAL TURNOVER Italy 76% 24% RoW 75% 25% TURNOVER BY PRODUCT Recourse 79% 21% Non-Recourse 17% 83% Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026 generalfinance.it 21
Slide 22: …with a strong presence in northern Italy manufacturing
…with a strong presence in northern Italy manufacturing SELLERS’ DIVERSIFICATION BY SECTOR Manufacturing Trade 13% 22% Services 16% 54% 7% Transportation 28% 5% Construction 3% 4% 5% Others 4% Foreign 9% 10% 20% Not classified SELLERS’ DIVERSIFICATION BY GEOGRAPHY 24% Northern Italy 9% Central Italy
Slide 23: 6M 2026 Results: Balance Sheet, P&L, Funding and Capital
6M 2026 Results: Balance Sheet, P&L, Funding and Capital generalfinance.it 23
Slide 24: A low volatility P&L, based on fees and commissions
A low volatility P&L, based on fees and commissions Income Statement (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% I nterest Margin 7.3 9.0 12.4 18.0 35.4% 7.2 7.1 (0.8%) Net Commission 23.6 27.2 36.4 48.7 27.3% 23.0 24.3 5.6% Net Banking Income 30.9 36.2 48.8 66.8 29.4% 30.2 31.4 3.8% Net
Slide 25: A very simple balance sheet with a strong capital position…
A very simple balance sheet with a strong capital position… 6M26 ASSETS BREAKDOWN €MLN 6M26 LIABILITIES BREAKDOWN €MLN 684 10 8 21 831 91 831 70 1 3 659 7 98 8 Financial Financial Tangilble / Total Cash & Cash Fiscal Other Financial Fiscal Other Provision for Shareholders' Assets Assets Intangible T
Slide 26: …coupled with a robust funding and liquidity position
…coupled with a robust funding and liquidity position 2025 – 6M26 FUNDING AND COST OF FUNDING (€MLN, %) 6M26 FUNDING BREAKDOWN 673 659 2 6 Other 37 Variable 61 Variable Banking Facility 127 (Eur3M) (Eur6M) 6% 142 Bond 27 Var YTD% 62% 59 35 Commercial Paper -2% 47 Fixed 206 rate 6% Factoring Facility
Slide 27: NII «hedged» against interest rates volatility
NII «hedged» against interest rates volatility Commercial Spread % (1) Average interest rate on seller Spread (2) Net Interest Income (NII) Average cost 7.2% ~23% of the Net Banking of funding (3) 6.9% 6.4% 6.2% 6.0% Income. 1.8% 1.7% 2.4% 2.0% 1.8% 3.8% Almost all funding 1.9% 5.2% 5.4% 4.0% 4.2% 4
Slide 28: Net commission income, the primary source of profitability
Net commission income, the primary source of profitability (1) Evolution of Commission Income / Turnover % Commission Expense / Turnover Net Commission Income Net Commission Income / Turnover ~77% of the Net Banking Income. 1.5% 1.5% Commission Income / 1.4% 1.4% 1.3% 1.3% Turnover improving YoY Sta
Slide 29: Human capital as a strategic factor to drive growth
Human capital as a strategic factor to drive growth Workforce growth #99 FTE as of 6M2026 CAGR ‘22-’25 VAR. YOY ‘25-’26 +11% +22% #Cost income remaining at 99 excellent levels due to the 77 87 81 high efficiency of the 63 71 operating machine and the 150 economy of scale (IT proprietary 100 platform
Slide 30: Closing remarks
Closing remarks Sound commercial trend • Turnover + 9% YoY • Growing number of Sellers (+32 QoQ) and Debtors (+1,097 QoQ), resulting in lower concentration, greater portfolio diversification and reduced risk • Positive contribution from the Spanish branch, in terms of growing numbers of Sellers and
Slide 31: Key Factors, Performance vs. Expectations
Key Factors, Performance vs. Expectations Commercial Trends • Lower Turnover in the first half compared to expectations: -4% YoY (approx. €80mln) vs. the Business Plan forecast, due to complexities and delays in certain restructuring processes. • Lower DSO: 78 days vs. 80 days forecast in the Busine
Slide 32: Annexes
Annexes generalfinance.it 32
Slide 33: Income Statement
Income Statement Income Statement (€Mln) 6M25 6M26 YoY% I nterest income and similar income 21.0 21.5 2% I nterest expense and similar charges (13.8) (14.4) 4% INTEREST MARGIN 7.2 7.1 (1%) Fee and commission income 26.7 27.0 1% Fee and commission expense (3.7) (2.7) (28%) NET FEE AND COMMISSION INCO
Slide 34: Balance Sheet
Balance Sheet Balance Sheet (€Mln) 2025 6M26 Var% YTD Cash and cash equiv alents 122.6 97.9 (20%) Financial assets measured at fair v alue through p/l 8.3 8.4 2% Financial assets measured at amortised cost 668.9 684.1 2% Hedging deriv ativ es 0.7 0.0 (97%) Property, Plan and Equipment (PPE) 5.9 6.4
Slide 35: A low volatility P&L, based on fees and commissions
A low volatility P&L, based on fees and commissions 2Q26 / 2Q26 / Income Statement (€Mln) 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26 % 2Q25 % I nterest Margin 3.9 6.0 4.9 3.7 3.4 (10.0%) (12.6%) Net Commission 11.9 13.0 12.7 11.2 13.1 16.5% 9.7% Net Banking Income 15.8 19.0 17.6 15.0 16.4 9.4% 3.8% Net v alue ad
Slide 36: Mission to Grow – 6M26 Results
Mission to Grow 6M26 Results generalfinance.it 36